Casino company Las Vegas Sands Corp. (LVS) expects first part of the casino-resort project in Singapore to be open by April, however sees further delay of a week or two, reports said Monday. The $5.5 billion casino resort in Singapore's central business district was scheduled to open by end of March. Quoting Sheldon Adelson, chairman of Las Vegas Sands, media reports said that the first two phases of the delayed project in Macau in China would be completed by the end of 2011.
Shortage of materials and workers, as well as the complicated construction of the SkyPark at the top of Marina Bay Sands' 55-storey hotel, delayed the project. The Singapore project, which was originally expected to cost around $3.2 billion, has also suffered massive cost overruns and is now expected to cost more than $5.25 billion.
According to the company, the SkyPark is a 340-meter rooftop strip that has three swimming pools and gardens for 3,900 people. Media reports said, half of the facilities, including the casino, half the retail and dining outlets and the first 20 storeys of each of the three hotel towers will open in early 2010. The rest will be operational two to three months later.
Marina Bay Sands is Singapore's first casino project awarded in 2006. Apart from gaming, the complex will include hotel, convention, luxury retail and performing arts facilities. The resort will be Singapore's second casino after Resorts World at Sentosa which is also scheduled to open in phases starting early 2010.
Singapore in 2005 granted approval for casinos, in a bid to draw more visitors to the city-state, whose main attractions are shopping, dining, night life and animal parks.
The Las Vegas, Nevada-based company said on November 30 that it has raised approximately $5 billion of combined debt and equity financing through recent fund-raising activities. By the end of November, Las Vegas Sand's subsidiary, Sands China Ltd., was listed on the Hong Kong Stock Exchange after completing an initial public offering that raised a total of $3.1 billion.
The company also said that it has received commitments of $1.75 billion of project financing which, together with $500 million of IPO proceeds, will be used to restart and complete construction on the combined Shangri-La.
LVS is currently trading on the New York Stock Exchange at $15.58, up $0.29 or 1.90%.
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